US Pending Home Sales Grow 8.3% Month-Over-Month in December

Posted on January 27, 2024

On Friday (1-26-24), The National Association of Realtors® (NAR) released its Pending Home Sales Index (PHSI) for December 2023. The PHSI—based on signed real estate contracts, not actual closings, for existing single-family homes, condominiums, and co-ops—was 8.3% higher, climbing to a reading of 77.3. An index of 100 is equal to the level of contract activity in 2001.

Year-over-year, pending home sales increased 1.3%.

NAR reports that three out of four reporting regions posted a month-over-month gain in transactions in December.

  • The Northeast PHSI declined 3.0% to a reading of 63.3 and was down 3.9% compared to December 2022.
  • The Midwest PHSI increased 5.6% to a reading of 80.5 and was up 4.3% year-over-year.
  • The South PHSI climbed 11.9% to a reading of 93.0 and was up 1.5% year-over-year.
  • The West PHSI soared 14.0% to a reading of 61.0 and was up 1.5% from December 2022.
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